Economic Dashboard: Utah’s economy continues to show resilience

Economic resilience and a strong labor market continue to be hallmarks of Utah’s economy, according to the April 2025 Roadmap to Prosperity Economic Dashboard, recently released by the Salt Lake Chamber in partnership with the University of Utah’s Kem C. Gardner Policy Institute.

The dashboard is published monthly to inform business leaders about the progress and status of Utah’s economy. The tool prioritizes key data on the state’s economic outlook and actionable context for decision-makers.

“With ‘on-again-off-again’ tariff concerns and broader economic uncertainty, national consumer sentiment shows a decline,” said Derek Miller, president and CEO of the Salt Lake Chamber. “However, Utah continues to show relative stability. Our state’s unemployment rate is down and our home prices are largely unchanged. It’s a reminder that while we’re not immune to national changes, our foundational economic indicators hold strong.”

Miller cited the three top insights gleaned from the April Roadmap to Prosperity Dashboard:

1. U.S. consumer sentiment fell for the fourth straight month amid tariff concerns. National consumer sentiment dropped to its lowest level since the summer of 2022, when inflation peaked at 9 percent. Rising concerns about the effects of increased tariffs, including the potential for higher prices, contributed to the decline. Utah sentiment fell only slightly in April, dipping from 81.1 to 80.0.

2. Utah’s median home sales price remains relatively flat. Still-strong demand, limited supply, higher mortgage rates and ongoing economic uncertainty have kept home prices mostly steady, even as overall market activity continues to slow. Through March, home sales in Utah fell slightly to 8,910, down from 9,059 during the same period in 2024.

3. Utah’s unemployment rate edged down in March while the U.S. unemployment rate ticked up. The national labor market remains strong, yet shows signs of possible softening, including a slight increase in the national unemployment rate from 4.1 percent to 4.2 percent in March. By contrast, Utah’s unemployment rate fell from 3.2 percent to 3.1 percent, signaling continued strength in Utah’s labor market.

“Utah’s economy continues to demonstrate resilience with a healthy labor market,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “I recommend keeping a close eye on consumer sentiment, which has dipped now for three consecutive months. ‘Uncertainty’ remains the watchword as consumers and businesses navigate disruptive U.S. trade policies and other economic challenges.”

The monthly dashboard report can be accessed at slchamber.com/resources/roadmap-dashboard/.